2014 Nobel Prize in Economics Awarded to Jean Tirole
At just after 1pm CET today, The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2014 was awarded to Jean Marcel Tirole of Toulouse, France. This prize, more commonly known as the Nobel Prize in Economics, was given to Dr. Tirole for his extensive work on the behavior of large companies in relation to market power and regulation.
This marks the first time in over 30 years that the prize has been given to someone focusing on regulation. This topic has become increasingly relevant since the global financial crises began six years ago, and the timing of this award underscores its continued importance. Dr. Tirole’s research focuses specifically on dense mathematical models that describe and analyze markets, attempting to parse out ways to control the monopolies held by major companies. According to the Guardian, Dr. Tirole said he was grateful for the award for his work on “taming powerful firms”.
Dr. Tirole has a broad base of expertise, however, including topics in game theory, banking, finance and psychology. He is chairman of the board of the Jean-Jacques Laffont Foundation at the Toulouse School of Economics, a founding member of the Institute for Advanced Study in Toulouse (IAST) and scientific director of the Industrial Economics Institute (IDEI) in Toulouse. He received his PhD in economics from MIT in 1981 before returning to France to take up his first research position at CERAS, École Nationale des Ponts et Chaussées. Since then, Dr. Tirole has worked as a professor and researcher in numerous institutions in the United States and France, including as an economics advisor to the Prime Minister from 1999 – 2006.
If you’re interested in reading about last year’s winner, take a look at this blog post on the 2013 Nobel Prize recipients and their work.
Photo credit: International Monetary Fund
- We Stand Divided
The Effects of Inequality on Society
Inequality is rampant, we hardly need telling. Rarely does the print media pass up an opportunity to remind us. We stand inundated by an endless stream of statistics – on scales barely fathomable – each one more depressing than the last. For instance, it’s widely known that: ‘8% of humanity takes home 50% of global income’; that ‘the top 1% own 45% of the world’s wealth’; and how could we forget that ‘the 26 richest people on earth had the same net worth as the poorest half’.
- Study in Europe
Best Countries in Europe to Do Your Economics Master’s Degree
Looking for a great Master's program in Economics?
- INOMICS Salary Report 2020
COVID-19 and the Effect on Female Employment and the Gender Pay Gap
Less than a year on from COVID’s genome sequencing, vaccination programs are being rolled out around the world. And while the pandemic is far from over, it would appear we’re approaching its endgame, arriving there faster than anyone dared hope. The previous fastest ever vaccine to be developed was for Mumps - and that took four years.